High-end lingerie brand Agent Provocateur could be heading for administration

The brand, which was plus size black lingerie founded by Vivienne Westwood’s son and is popular with celebrities including the Kardashians, has suffered weak sales in recent years, hit by a slow-down in luxury high street spending.

It is currently majority owned by private equity firm 3i, which has reportedly been trying to sell the company.

Read moreHow luxury brands are planning to take your money in 2017The Guardian on Thursday reported that restructuring firm AlixPartners has now been appointed to lead a sale process.

The paper reported that bids for the company were tabled late last week. Among the five or so bidders is thought to be Lion Capital, the former private equity owner of La Senza and American Apparel, and Alteri.

The Guardian said that advisers were looking for sums in excess of the £30m Agent Provocateur owes to its lenders, and that 3i is looking to finalise a deal ahead of a deadline for rent and rate payments which falls around late February or early March.

Agent Provocateur’s manufacturing operations includes suppliers in Britain, Asia, continental Europe and North Africa, according to Reuters.

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